- Land gross sales present greatest enhance as 16,159 transactions underline metropolis’s place as a major vacation spot for property funding
Dubai’s actual property market has skilled one other robust month, with property gross sales in August totalling AED 47.3 billion, a 40.8% enhance in worth on the identical month final yr.
A market replace issued at present by fäm Properties reveals that final month’s complete of 16,159 transactions represented a 36.9% enhance in quantity over August 2023, whereas the common worth per sq. ft rose 6.1% to AED 1,493.
The costliest particular person property offered in August was a luxurious residence on the Dorchester Collection in Business Bay, which went for AED 139 million.
Land gross sales for final month confirmed the most important enhance, with 1,396 plots, a month-on-month enhance of 153.8%, promoting for AED15.1 billion.
Apartment gross sales value AED23.5 billion have been up 37.6% in quantity to 12,268 in contrast with the identical month final yr. The complete of two,126 villa gross sales for AED8 billion final month was 4.6% up on August 2023, whereas 369 industrial property transactions amounted to AED 674 million, a 19.8% month-on-month enhance in quantity over 2023.
The figures made August the second-best month for gross sales worth this yr following July’s 15,994 transactions value AED 49.6 billion
The figures as soon as once more display the sturdy energy of Dubai’s real estate market and replicate the regular development noticed in recent times, which continues to reinforce investor confidence. This ongoing upward development reaffirms Dubai’s standing as a number one vacation spot for real estate investment, interesting to each native and worldwide traders.
Dubai property gross sales for the month of August over the past 5 years have now risen from AED4.7 billion (2,400 transactions) in 2020 to AED14.98 billion (5,800) in 2021, AED23.4 billion (9,400) in 2022, AED33.6 billion (11,800) final yr to greater than AED47 billion and over 16,000 transactions final month.
The costliest villa offered in the course of the month went for AED71 million at Amali Island, on the World islands.
As in July, the highest performing space in August was Jumeirah Village Circle, with 1,378 total property transactions value AED1.4 billion.
The best-selling off-plan undertaking in August was Marina Views, the place 425 residences offered for AED 1.4 billion. The top-selling off plan villa undertaking was The Valley, Venera the place
416 items have been offered for AED1.3 billion.
Overall, off plan gross sales have been considerably better than these of prepared properties – 71% over 29% by way of quantity and 72% towards 28% in total worth.
With properties value greater than AED5 million accounting for 8% of complete gross sales, 29% got here within the AED1-2 million vary, 28% beneath AED1 million, 18% between AED2-3 million and 16% between AED3-5 million.